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What are the factors of production
The factors market consist of what and what does the market determine for each market
How does entrepre differ from the other factors of production
Derived Demand
Value of Marginal Product
Basically Value of Marginal Product
How does a firm decide if they want to hire an additional unit of factor of production
How do you maximize the profit of hiring factors of production
How is the Value of Marginal Product calculated
What is the rule of Maximizing Profit
How is the demand labor curve related to the VMP
How does the price of a firm's output affect the labor demand curve
Why does the Individual Labor Supply Curve curve backward
What's the difference between the Individ Sup Curv and the Market SC
What would cause a surplus of workers in the labor market
What is the maximizing profit point of VMP of capital and rental rate
What happens to the quantity demanded of capital when the rental rate of capital changes
What is so special of the Land Market Supply curve
Who benefits from a rent ceiling
Rent Ceiling
What is the black market and how does it affect the market for housing
Why are rent ceilings so hard to abolish
Are rent ceilings efficient
Are rent ceilings fair
Price floor
How does a price floor affect the market equilibrium
What activities happen after a price floor is introduced
Is minimum wage efficient
Why do unions support min wage
Price Support
Why do price supports lead to inefficiency
How is the world market affected by price supports
Tax Incidence
Basically Tax Incidence
How is tax incidence related to perfectly inelastic demand
How is tax incidence related to perfectly elastic demand
How is tax incidence related to perfectly inelastic SUPPLY
How does Incidence relate to perfectly elastic SUPPLY
Marginal Tax Rate
Why is taxing land so different than taxing the other goods of production
What happens when you tax land and what type of incidence does it show
What happens to labor with a labor income tax
Basically the effects of labor income tax on quantity of labor supplied
Progressive Tax
Regressive Tax
Proportional Tax
Where do the principle of fairness come into taxation and what are the two perspectives of fairness
Benefits Principle
Basically Benefit Principle
Vertical Equity
Externality
Negative externality
Positive Externality
Briefly explain a negative consumption externality and a positive consumption externality
Briefly explain the negative and positive production extranalities
Marginal Private cost
Basically Marginal Private Cost
Marginal External Cost
Basically Marginal External Cost
A marketable permit
Marginal External Benefit
Marginal social benefit
What are the external benefits of education
Voucher
Why are vouchers efficient
Do economist like vouchers
What do consumers purchasing a product with an external benefit base their decisions on
For a product with external benefits how much will be produced in a competitive unregulated market
Excludable
Nonexcludable
Rival
Non Rival
Public Good
Common Resource
Free Rider
Why do free riders exist
Why won't private firms produce the efficient amount of public goods.
Which is the market equilibrium and the efficient equilibrium when we look at Social Cost and Benefits vs Private costs and Benefits
What determines the efficient quantity of a public good
Tragedy of Commons
Basically tragedy of commons
What do economists suggest to overcome the tragedy of the commons?
What other suggestions to overcome the tragedy of the commons?
